Question: Assuming that a business is not using the alternative method for handling unearned income, as income is earned it is transferred to which of the

Assuming that a business is not using the alternative method for handling unearned income, as income is earned it is transferred to which of the following?

Multiple Choice

Asset account

Liability account

Revenue account

Expense account

Assuming that a business is not using the

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Required Information (The following information applies to the questions displayed below.] Sarryu Sorry started a new business and completed these transactions during December. December 1 Sanyu Sony...

I. (12 points) Determine whether each of the following is true or false. 1. If the period revenues are less than the period expenses, and there are no gains or losses, then Retained Earnings must...

The Rachel's Enterprises Solutions had the following balance sheet as of December 31, 2020. The transactions for the first three months of 2021 are also presented along with other information about...

I need help with putting together the tax forms as describe in Milestone 4. I also attached the overview for the entire project and the everything up to this point written in the document labeled tax...

1. A corporation: a. can continue indefinitely b. is owned by stockholders c. has limited risk to stockholders d. All of the above. 2. The Sarbanes-Oxley Act was passed to: a. prevent fraud at public...

Please see attached multiple choice/true false/ fill in answers. principles of accounting 1. Internal controls that should be applied when a business takes a physical count of inventory should...

Victor's Vittles had the following liabilities by the end of 2020 : Accounts Payable $45.000 Wages Payable $125.000 Uneamed Revenue $40,000(25% will be earned in 2021) Notes Payable $50,000 (\$10,000...

THERE IS NO FURTHER INFORMATION TO BE PROVIDED Income Statement (all numbers in thousands) Balance Sheet (all numbers in thousands) Cash Flow (all numbers in thousands) Breakdown TTM 12/31/2018...

Figure plots a price-to-value ratio (P/V) for the Dow Jones Industrial Average (DJIA) from 1979 to 1999. A P/V ratio is a metric that compares the market price (P) to an estimate of intrinsic value...

Define residuals in regression analysis.

Question 2 2 ( 4 points ) Selected data from the finascial statements are as follows: \ table [ [ , Current Year,Prior Year ] , [ , $ 1 2 0 , 0 0 0 , $ 7 6 , 0 0 0

A particle is moving in three dimensions and its position vector is given by; r(t) = (4, 4t + 2, 3t)i + (4, 5t - 2, 3)2 + (3, 3t + 3, 1t)k where r is in meters and t is in seconds. Determine the...